Williams Advanced Engineering, a battery technology arm of the Williams Racing Formula 1 team, has been acquired by Fortescue Metals Group in a deal valued at $220 million.
FMG’s purchase of the remaining stake in WAE follows the sale of Williams Racing’s majority share to EKM Capital in 2019 for an undisclosed amount.
The acquisition will help FMG reach its goal of net-zero carbon emissions by 2030 by enhancing the technological capabilities of its industrial equipment. WAE and FMG hope to deliver zero-emission products across all their existing sectors, including racing and automotive.
- The deal is expected to close in March 2022.
- FMG and WAE have been building battery systems together since 2021.
In August 2020, Williams Racing was acquired by New York-based investment firm Dorilton Capital in a deal that valued the Formula 1 team at $179.5 million. The sale was a result of a desire for fresh investment following lukewarm results on the racing track in recent years.
Need for Improvement
Since the team’s F1 debut in 1977, Williams Racing has won seven drivers championships and nine constructors titles. It last won a title or championship in 1997.